Egypt says to start building nuclear plant in next two years

CAIRO (Reuters) - Egypt said on Sunday that construction of its first nuclear power plant, to be built by Russia, will begin in the next two to two-and-a-half years.

The 4,800 megawatt (MW) capacity plant at Dabaa in the north of the country, aims to be up and running by 2026, a spokesman for the energy and electricity ministry told Reuters.

Moscow and Cairo signed an agreement in 2015 for Russia to build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover the cost of construction.

Egypt’s official gazette said in 2016 the loan was worth $25 billion and would finance 85 percent of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 percent.

Reporting by Momen Saeed Atallah; Writing by John Davison; Editing by Raissa Kasolowsky